On my last post I shared 5 real estate asset classes that I believe are positioned to outperform over the next 10–15 years. But owning a great asset class is only part of the equation. The next question is: Why are some real estate sectors so difficult to replicate? The answer is supply constraints. When demand grows but new supply struggles to keep up, existing owners often benefit from stronger occupancy, greater pricing power, and more resilient long-term cash flow. That's why I evaluate every sector through four questions: ✔️ How difficult is it to get zoning approvals? ✔️ How difficult and time-consuming is it to build? ✔️ How much capital is required to develop new supply? ✔️ How scarce is well-located land? The more obstacles there are, the harder it becomes for competitors to build new inventory. That doesn't guarantee returns. But it creates an environment where disciplined operators have a better chance to compound value over time. This is one reason Manufacture...